MGEMX vs. FHKFX

Last updated Aug 4, 2026

MGEMX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio) and FHKFX (Fidelity Series Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 5 years, MGEMX returned -5.97%/yr vs 7.88%/yr for FHKFX. Their correlation of 0.93 means they have usually moved in the same direction. MGEMX charges 1.05%/yr vs 0.01%/yr for FHKFX.

Performance

MGEMX vs. FHKFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) and Fidelity Series Emerging Markets Fund (FHKFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MGEMX having a 23.22% return and FHKFX slightly lower at 22.15%.

MGEMX

• 1D: 2.19%
• 1M: -2.81%
• 6M: 13.22%
• YTD: 23.22%
• 1Y: -28.33%
• 3Y*: -3.74%
• 5Y*: -5.97%
• 10Y*: 2.50%
• ALL TIME*: 6.67%

FHKFX

• 1D: 1.56%
• 1M: -1.98%
• 6M: 10.56%
• YTD: 22.15%
• 1Y: 43.27%
• 3Y*: 21.30%
• 5Y*: 7.88%
• 10Y*: —
• ALL TIME*: 7.01%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FHKFX Fidelity Series Emerging Markets Fund	$0.00	$0.00	$0.00
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	$0.00	$0.00	$0.00

MGEMX vs. FHKFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	23.22%	-34.08%	8.07%	12.16%	-25.07%	3.53%	14.59%	37.21%	-9.36%
FHKFX Fidelity Series Emerging Markets Fund	22.15%	38.51%	5.42%	12.10%	-24.50%	-4.15%	17.85%	9.64%	-8.52%

Correlation

The correlation between MGEMX and FHKFX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Aug 29, 2018	0.93

The correlation between MGEMX and FHKFX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

MGEMX vs. FHKFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MGEMX

MGEMX Risk / Return Rank: 1
MGEMX Sharpe Ratio Rank: 1
MGEMX Sortino Ratio Rank: 2
MGEMX Omega Ratio Rank: 1
MGEMX Calmar Ratio Rank: 1
MGEMX Martin Ratio Rank: 1

FHKFX

FHKFX Risk / Return Rank: 71
FHKFX Sharpe Ratio Rank: 72
FHKFX Sortino Ratio Rank: 60
FHKFX Omega Ratio Rank: 70
FHKFX Calmar Ratio Rank: 83
FHKFX Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MGEMX vs. FHKFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) and Fidelity Series Emerging Markets Fund (FHKFX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MGEMX	FHKFX	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	1.76	-2.28
Sortino ratio: Return per unit of downside risk	-0.20	2.28	-2.48
Omega ratio: Gain probability vs. loss probability	0.94	1.32	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.56	2.88	-3.44
Martin ratio: Return relative to average drawdown	-0.88	9.33	-10.20

MGEMX vs. FHKFX - Sharpe Ratio Comparison

The current MGEMX Sharpe Ratio is -0.51, which is lower than the FHKFX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of MGEMX and FHKFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MGEMX vs. FHKFX - Drawdown Comparison

The maximum MGEMX drawdown since its inception was -64.93%, which is greater than FHKFX's maximum drawdown of -45.47%. Use the drawdown chart below to compare losses from any high point for MGEMX and FHKFX.

Drawdown Indicators

	MGEMX	FHKFX	Difference
Max Drawdown Largest peak-to-trough decline	-64.93%	-45.47%	-19.46%
Max Drawdown (1Y) Largest decline over 1 year	-52.50%	-14.49%	-38.01%
Max Drawdown (3Y) Largest decline over 3 years	-52.50%	-16.71%	-35.79%
Max Drawdown (5Y) Largest decline over 5 years	-52.50%	-39.01%	-13.49%
Max Drawdown (10Y) Largest decline over 10 years	-52.50%	—	—
Current Drawdown Current decline from peak	-38.67%	-9.64%	-29.03%
Average Drawdown Average peak-to-trough decline	-19.90%	-17.01%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.27%	4.47%	+28.80%

Volatility

MGEMX vs. FHKFX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) has a higher volatility of 11.16% compared to Fidelity Series Emerging Markets Fund (FHKFX) at 9.49%. This indicates that MGEMX's price experiences larger fluctuations and is considered to be riskier than FHKFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGEMX	FHKFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.16%	9.49%	+1.67%
Volatility (6M) Calculated over the trailing 6-month period	23.85%	21.46%	+2.39%
Volatility (1Y) Calculated over the trailing 1-year period	57.30%	23.72%	+33.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.83%	19.95%	+9.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.17%	20.18%	+4.99%

MGEMX vs. FHKFX - Expense Ratio Comparison

MGEMX has a 1.05% expense ratio, which is higher than FHKFX's 0.01% expense ratio.

Dividends

MGEMX vs. FHKFX - Dividend Comparison

MGEMX has not paid dividends to shareholders, while FHKFX's dividend yield for the trailing twelve months is around 1.95%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKFX Fidelity Series Emerging Markets Fund	1.95%	2.38%	2.86%	2.43%	2.56%	3.46%	1.38%	2.28%	0.42%	0.00%	0.00%	0.00%
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	0.00%	0.00%	1.27%	2.48%	4.48%	9.05%	1.07%	26.00%	2.46%	0.60%	0.82%	0.87%

Frequently Asked Questions

Can I hold both MGEMX and FHKFX in my portfolio?

With a correlation of 0.96, MGEMX and FHKFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MGEMX or FHKFX?

MGEMX has higher volatility (11.16%) compared to FHKFX (9.49%). In terms of maximum drawdown, MGEMX dropped -64.93% vs FHKFX's -45.47%.

Which has better risk-adjusted returns?

FHKFX currently has the higher Sharpe Ratio (1.76 vs -0.51), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.